| You suddenly find that you are spending most | | | | over your credit card bills and any other bills that you |
| Saturdays arranging all your credit card bills to figure | | | | are including in this consolidation. Their job is to work |
| out which ones to pay and which ones are just going | | | | with your creditors to get your payments lowered, |
| to have to wait another month, even if that means | | | | get your interest rate lowered (because it is probably |
| yet another late fee you will also have to pay. At | | | | astronomical), and sometimes even get late fees |
| what point are you going to get tired of that and do | | | | waived. |
| something about it? | | | | Your job is to pay the credit consolidation company |
| No, I am not talking about declaring bankruptcy. | | | | every month without fail and then they disburse the |
| Hopefully things are not that bad, and even if they | | | | money to your creditors so that each of them gets |
| are, bankruptcy should be your option of last resort. | | | | at least a minimum payment that month. With the |
| Rather, I am talking about credit card consolidation. | | | | lowering of interest rates and payments that they |
| Using this type of service, you can save a ton of | | | | have done for you, if you were, for example, paying |
| money in interest and also the amount of money you | | | | out $3500 a month before to all of your creditors, |
| are putting out every month will be much less than | | | | you are likely to only be paying $2200 a month now. |
| what you are doing now, and all of your debtors will | | | | Can you see what kind of financial breathing room |
| be paid each month. | | | | they have given you? |
| Does that sound too good to be true? It is good and | | | | It is important to note that this is not a loan. They |
| it is true, although many people are not aware of | | | | do not pay off your creditors in most cases, so if |
| credit card consolidation services, sometimes also | | | | you miss your payment to them in a given month, |
| known as debt consolidation. And no, it is not yet | | | | then NONE of your creditors will get paid in that |
| another loan that you are going to have to pay, | | | | month, and you will be even worse off than you are |
| where you end up robbing Peter to pay Paul, which | | | | now. |
| does not help your situation at all. | | | | One of the big benefits of this is your credit report. |
| What happens with credit card consolidation is that | | | | Since your payments are being made on time every |
| you gather up all your credit card bills and account | | | | month consistently (assuming your make your |
| numbers and total amount due. It doesn't have to be | | | | payment to the credit consolidation service |
| just credit cards, but can also be other monthly | | | | company), your credit report starts getting better |
| payments that you are making, like a car loan or a | | | | because you are meeting all of your financial |
| personal loan. You take all this to a credit | | | | obligations on time. And since you did not file |
| consolidation company or debt consolidation company | | | | bankruptcy, there is not that huge red flag on your |
| and they talk with you about what you want to do | | | | credit report which makes lenders very nervous. |
| and lay out various scenarios so they and you both | | | | Consider using a credit card consolidation service |
| understand what your goals are and how much you | | | | today and start enjoying more of life without the |
| can comfortably afford to pay every month without | | | | stress of all those bills hanging over your head every |
| sending yourself to the poorhouse. | | | | month. Yes you will still have the bills, but now they |
| If you decide to go with their service, they take | | | | will be much more under control for you. |